Oklahoma City housing most affordable, group says

OKLAHOMA CITY (AP) - An annual study designates Oklahoma City as the most affordable housing market in the country, which comes as no surprise to an official with the Oklahoma Association of Realtors.

"There are several factors for Oklahoma City's success - a low labor rate and quality homes that are built with less labor dollars, resulting in low home prices," said Terry Pufahl, secretary/treasurer of the Realtors group.

"The Oklahoma City housing market is a positive from the buyer's standpoint," Pufahl said. "Home prices are going up, but the market here is not experiencing spiraling prices compared to other places in the country. Resale prices are good as well."

The study by Coldwell Banker Real Estate Corp. focused on a "subject" home sold during the last quarter of 1998. The home had the following criteria: 2,200 square feet, four bedrooms, 2 1/2 baths, a family room and a two-car garage.

A house of that description can be bought in Oklahoma City for $107,850, the study showed. Tulsa ranked No. 9 on the most affordable list at $121,250.

The most expensive area in the country, according to the study, is Palo Alto, Calif., where the subject home sold for $843,500.